The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-07-03
CONDITION OF THE REALTY MARKET.
Spectators Anticipating the Development of
a Boom Within Very Short Time.

There was al appreciabe drop in real estate
transactions during the week, but those who are
presumed to know more about the strength of
the market than any one else re gard the dizziness
as temporary. Not much is said about the influ-
ence of natural gas yet there appears to be a
tacit understanding that the moment the city se-
cures practical evidence that pipes arc coming
here this year. the dealings will again assume
noticeable proportions. Holders of large tracts
of real estate think the recent activity
began too soon, and that the signs
of a substantial advancement mag
nifed by who were hot with
a speculative fever. They say, however, that
it left i'll effects and that the market is bet
ter, stronger and more promising than at this
time for years past 1t was the early talk about
natural gas becoming a certainty within lew
months that the spectators seized upon as the
basis for a boom. But while the more conserva-
tive men recognized the advance in prices and
measured it something that would have come
without that influence, they held to the opinion
that the market was only preparing itself for a
prosperity that would show itself later in the sea-
While the actual transactions for the last
two weeks do not indicate anything more than
wish of dealers and purchasers to hold on to
the markets best offerings, considerable inquiry
has bean made in regard TO the future.
A dealer held option recently on lots west
OF the city at SlG0 per lot. He had eighty COW
cred by the agreement, and within few days
sold hfty-three of them at $3.50. There were
thirty-ive more lots in the subdivision, and
these he afterwards secured the faith that
the market would again become active.
There Is some diversity of opinion as to when
real estate will again become lively. One who
has large interests thinks next week there will
be a marked change from the past several days.
Another is equally sure that the prosperous
season is to come but places the beginning in
September. Dealers are on the alert for good
bargains, and while no deals of any moment are
closed, options are taken for either short or long
time. Inc present Work seems to De one OF
Strengthening resources for the time when nat
ural gas and the cable road. factors in realty,
will make real-estate business brisk. Outside
capital still retains its interest in the city and is
willing to take up bargains, b1t holders
are not anxious to sell or to place themselves IN
position that would shut them out of larger
possible profits than can be had at present.
The transactions fell below those of last
week $50, 642. Fl, bat here and there trade of
erty was still in demand auc that 1t brought
prices Indicative of no weakness in that respect.
Part of improved lot on North Delaware
street was sold for S., 900 by Daniel A. Goodwin
to Fidelia Anderson In the Martindale sub
division, in the first section of Lincoln Park, f.
B. Martindale bought lot from Mrs. Eliza e.
Hendricks for $4,000. Ellen E. Walker paid
Sc, 900 for an improved lot in McCartys heirs
subdivision. Edward King sold Alfred NJ.
Oge, trustee. seven lots in the Stouehton j.
Fletcher, ir., subdivision for $4,000. In all,
the transactions reached aggregate value of
$S4, ABS. 60.
Building still remains active with now and
then the letting of a contract of considerable
value. Permits valued at $13, SIS were issued,
among them one of 50, 900 to 7. A. Morris for
brick addition to a building on South Meridian
street. between Georgia and Maryland: another
to the trustees OF the Church of God. for build
ing to cost So, 800. at the corner of First and
Fayette streets; third to E. II. Eldridge, for
building on Park avenue, between Seventh
and Eighth Streets to cost g. 900. and the fourth
to N. Hofmester. who is to build College
avenue, between Eighth and Ninth, at a cost OF
50, I4O. Besides these Sarah J. Gerard procured
8 permit for 81, 900 cottage on Bellefontaine
street, and George Sauer one for frame house
on Louisiana street. between Virginia avenue
and East. to cost 81. 1l0